Tidewater (NYSE:TDW) Lowered to “Neutral” Rating by BTIG Research

BTIG Research lowered shares of Tidewater (NYSE:TDW) from a buy rating to a neutral rating in a report released on Monday morning, Marketbeat.com reports.

Separately, Raymond James Financial reduced their price objective on Tidewater from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $69.33.

Tidewater Price Performance

Shares of Tidewater stock opened at $50.45 on Monday. Tidewater has a twelve month low of $31.17 and a twelve month high of $108.44. The stock has a market capitalization of $2.50 billion, a P/E ratio of 15.10 and a beta of 1.08. The company has a current ratio of 2.07, a quick ratio of 2.00 and a debt-to-equity ratio of 0.50. The business’s fifty day moving average price is $44.44 and its 200 day moving average price is $45.56.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Friday, May 9th. The oil and gas company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.59 by $0.24. Tidewater had a return on equity of 15.97% and a net margin of 12.98%. During the same quarter last year, the firm posted $0.89 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts anticipate that Tidewater will post 3.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Daniel A. Hudson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $50.02, for a total transaction of $250,100.00. Following the sale, the executive vice president owned 85,986 shares of the company’s stock, valued at $4,301,019.72. This trade represents a 5.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robert Robotti acquired 15,000 shares of the stock in a transaction dated Wednesday, June 4th. The stock was acquired at an average cost of $42.05 per share, with a total value of $630,750.00. Following the completion of the transaction, the director owned 2,234,957 shares in the company, valued at approximately $93,979,941.85. This represents a 0.68% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 25,560 shares of company stock worth $1,074,858. Company insiders own 8.33% of the company’s stock.

Hedge Funds Weigh In On Tidewater

Hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its stake in Tidewater by 69.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company’s stock valued at $165,058,000 after purchasing an additional 1,598,513 shares during the last quarter. Norges Bank purchased a new stake in shares of Tidewater during the fourth quarter worth $32,388,000. Dimensional Fund Advisors LP lifted its position in shares of Tidewater by 22.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,551,729 shares of the oil and gas company’s stock worth $84,888,000 after acquiring an additional 286,097 shares in the last quarter. Encompass Capital Advisors LLC lifted its position in shares of Tidewater by 17.7% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,582,328 shares of the oil and gas company’s stock worth $86,569,000 after acquiring an additional 238,170 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in shares of Tidewater during the fourth quarter worth $12,574,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Tidewater Company Profile

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.